UK economic growth meets expectations in Q2

Latest data from the Office for National Statistics (ONS) revealed that the economic growth in the UK showed a solid pace of expansion in the second quarter of 2016, coming in line with market expectations.

The UK GDP second estimate showed an increase of 0.6% q/q in the second quarter of 2016, up from 0.5% booked in the first quarter, while matching estimates of a rise of 0.6% in June quarter.

On annualized basis also Britain’s GDP rose 2.2% versus 2.2% expected and as compared to the previous reading of 2.0%

The ONS stated in the report, “Services increased by 0.5% and production increased by 2.1%. In contrast, construction decreased by 0.4% and agriculture decreased by 1.0%."